SEC’s Reckless Crusade To Crush The Cryptocurrency Market

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  • #133278
    Michelle Lawson
    Ambassador

    From a news article I came across….

    In December 2020, the SEC retroactively declared XRP to be an unregistered security and all its trades for the previous seven years to have been illegal, even on the secondary markets. The regulator accused Ripple, which built its business on the use case of XRP as a bridge currency, of selling securities despite the fact that billions of XRP tokens have circulated among hundreds of thousands of other users since 2013 with no connection to the company. Gensler has now upped the ante, saying the SEC, not the Commodity Futures Trading Commission (CFTC), should call the shots on all digital assets. With even greater hubris, Gensler insists to the court that the SEC is under no obligation to set clear, defining, and transparent rules to provide guidance for traders and holders of digital assets, essentially claiming decisions can be made by the agency at their whim on a case-by-case basis, an absolutely ludicrous position.

    The recklessness of the SEC’s case against Ripple is simply astounding, not to mention unjust and void of due process. Prior to its lawsuit the SEC gave nearly a decade of confusing and contradictory public signals on XRP to consumers and investors while billions of tokens traded on secondary markets. The SEC gave even more unclear guidance to Ripple in private, according to the evidence filed in the case.

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